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    ALEXANDRA WILSON-ELIZONDO ON ETF MODEL PORTFOLIOS


    Listen to Alexandra Wilson-Elizondo, Head of Multi-Asset Funds & Model Portfolio Management, join the hosts of ETF Prime Podcast to highlight our approach to ETF model portfolios.

     

    Goldman Sachs Exchange-Traded Funds

    Smart Investments, Made Simple

    Our Exchange-Traded Funds (ETFs) draw on GSAM’s global reach and history of innovation to offer investors the performance potential of active investing with the efficiency—and low cost—of passive strategies.
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    Risk Considerations

    The Goldman Sachs Access Emerging Markets USD Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Emerging Markets USD Bond Index (the “Index”), which is designed to measure the performance of investment grade and high yield bonds issued by emerging market governments or quasi-government entities denominated in U.S. dollars that meet certain liquidity, governance and fundamental screening criteria. The Fund’s investments are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, call and extension risk. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse social, economic or political developments. Issuers of sovereign or quasi-sovereign debt may be unable or unwilling to repay principal or interest when due. The Fund may invest in non-investment grade securities, which involve greater price volatility and present greater risks than higher rated fixed income securities. Because the Fund may concentrate its investments in an industry or group of industries to the extent that the Index is concentrated, the Fund may be subject to greater risk of loss as a result of adverse economic, business or other developments affecting that industry or group of industries. The Fund is not actively managed, and therefore the Fund will not generally dispose of a security unless the security is removed from the Index. The Index calculation methodology may rely on information based on assumptions and estimates and neither the Fund nor its investment adviser can guarantee the accuracy of the methodology’s assessment of included issuers. Performance may vary substantially from the performance of the Index as a result of transaction costs, expenses and other factors.

    The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE US Treasury 0-1 Year Composite Select Index (the “Index”), which is designed to measure the performance of U.S. Treasury Securities (as defined in the Fund’s Prospectus) with a maximum remaining maturity of 12 months. The Fund’s investments are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any guarantee on U.S. Treasury Securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund is not actively managed, and therefore the Fund will not generally dispose of a security unless the security is removed from the Index. The Index calculation methodology may rely on information based on assumptions and estimates and neither the Fund nor its investment adviser can guarantee the accuracy of the methodology’s valuation of securities. Performance may vary substantially from the performance of the Index as a result of transaction costs, expenses and other factors. The Fund is not a money market fund and does not attempt to maintain a stable net asset value.

    Model Portfolios are managed by Goldman Sachs Asset Management’s Multi-Asset Solutions (MAS) team. Whilst the name of the team has changed over the course of the past several years, any historical references to this group of investment professionals who offer this service at Goldman Sachs Asset Management is presented under the name of Multi-Asset Solutions. There is no guarantee that these objectives will be met. We note that model portfolios are not appropriate for all investors and are not riskless investments, so investors can lose money. The information does not constitute a recommendation from Goldman Sachs Asset Management.

    Proprietary Model Portfolios

    When selecting Portfolio Funds for inclusion in a Propriety Model Portfolio, Goldman Sachs Asset Management generally expects to select Portfolio Funds sponsored by Goldman Sachs Asset Management or any of its affiliates (any such Portfolio Fund, a “GS Portfolio Fund”) without considering or canvassing the universe of Portfolio Funds sponsored by persons not affiliated with Goldman Sachs Asset Management or any of its affiliates (“Third Party Portfolio Funds”), even though there may (or may not) be one or more Third Party Portfolio Funds that may be more appropriate for inclusion in such Model Portfolio (including available Third Party Portfolio Funds in the applicable asset classes / sub-asset classes that may have lower fees and expenses or other favorable terms relative to a GS Portfolio Fund), unless Goldman Sachs Asset Management determines, in its sole discretion, that a GS Portfolio Fund is not available in the relevant asset class / sub-asset class. To the extent that an appropriate GS Portfolio Fund is not available, only then will Goldman Sachs Asset Management consider Third Party Portfolio Funds for inclusion in a Model Portfolio. Any Third Party Portfolio Funds used in the Model Portfolios shall be selected by Goldman Sachs Asset Management, in its sole discretion.

    Open Architecture Model Portfolios

    When selecting Portfolio Funds for inclusion in an Open Architecture Model Portfolio, Goldman Sachs Asset Management generally relies on an open architecture fund selection methodology. Instead of using proprietary funds, Goldman Sachs Asset Management researches the universe of investable funds for inclusion in its model portfolios. The best fit for the model is chosen, regardless of the fund. Any Third Party Portfolio Funds used in the Model Portfolios shall be selected by Goldman Sachs Asset Management in its sole discretion.

    Open Architecture Model Portfolios refer to those previously managed by Standard and Poors Investment Advisory Services, LLC (now known as Goldman Sachs Asset Management Strategist Portfolios, LLC).

    Model performance has important inherent limitations, particularly that the results do not represent actual trading may not reflect the impact that material economic and market factors might have had on the portfolio manager’s decision-making if the portfolio manager were actually managing clients’ money. Investors following the model will experience different performance, which may be lower or higher than the model performance reported.

    Exchange-Traded Funds are subject to risks similar to those of stocks. Investment returns may fluctuate and are subject to market volatility, so that an investor’s shares, when redeemed, or sold, may be worth more or less than their original cost. ETFs may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched.

     

    General Disclosures:

    Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of November 22, 2022 and may be subject to change, they should not be construed as investment advice.  Individual portfolio management teams for Goldman Sachs Asset Management may have views and opinions and/or make investment decisions that, in certain instances, may not always be consistent with the views and opinions expressed herein.

    Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.

    References to the term “partnership” in this presentation are not intended to connote a type of organizational structure or any type of legal relationship between Goldman Sachs and The ETF Store Investment Advisors’ The ETF Prime Podcast. Rather, the term “partnership” is intended to refer to the long-standing relationship between Goldman Sachs and The ETF Store Investment Advisors’ The ETF Prime Podcast.

    The economic and market forecasts presented herein have been generated by Goldman Sachs Asset Management for informational purposes as of the date of this presentation. They are based on proprietary models and there can be no assurance that the forecasts will be achieved.

    Economic and market forecasts presented herein reflect a series of assumptions and judgments as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

    Diversification does not protect an investor from market risk and does not ensure a profit.

    Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

    This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by GSAM and is not financial research nor a product of Goldman Sachs Global Investment Research (GIR).  It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates.  Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and GSAM has no obligation to provide any updates or changes.

    Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Ordinary brokerage commissions apply.

    The Investment Company Act of 1940 (the “Act”) imposes certain limits on investment companies purchasing or acquiring any security issued by another registered investment company. For these purposes the definition of “investment company” includes funds that are unregistered because they are excepted from the definition of investment company by sections 3(c)(1) and 3(c) (7) of the Act. You should consult your legal counsel for more information.

    A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail - 1-800-526-7384) (institutional – 1-800-621-2550).  Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing.  The summary prospectus, if available, and the Prospectus contains this and other information about the Fund.

    ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

    Date of first use: 11/27/2022

    299195-OTU-1709871 GST 1953

    © 2023 Goldman Sachs. All rights reserved.

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